Publishing its 2016 Annual Report, online betting exchange Smarkets has declared its ‘best year in business’ posting significant key metric growth on wagering, revenues and increased profits.
A busy 2016 which saw Smarkets wagering boosted by Euro 2016, a record Cheltenham Festival and political outcomes such as the EU Referendum and US Presidential Election, saw the company record more than £2.6 billion on exchange trading.
Issuing a performance breakdown, Smarkets declares a group revenue climb of 144% to £25.4 million (2015: 10.4 million) with its overall business profits jumping 160% to £13.7 million (2015: £5.2 million).
The firm’s strong trading performance, was supported by ongoing investment in its product and operations. Towards the end of 2016, Smarkets opened its first office in the US to access engineering talent and now has locations in London, Los Angeles and Malta as a base to tackle other inefficient verticals.
A pleased Jason Trost CEO of Smarkets commented on 2016 results “We will continue to further develop our product to deliver a unique and fair trading experience by offering superior technology and industry-leading commission rates and will explore moving into new regulated markets to increase our customer base.”
Further pleasing to Smarkets investors, will be the firm’s recognition as a growing tech and digital enterprise. During 2016 Smarkets, notably finishing in the top five for both The Sunday Times Tech Track 100 and Deloitte Fast 50 lists of the fastest growing private technology companies in the UK.
“Our mission is clear; we are striving to establish ourselves as a top-tier technology company. I strongly believe that the results of the past two years show the positive trajectory of the business, demonstrate our significant growth opportunities and confirm our ability to challenge an industry ripe for disruption”